Looking at the statistics of this year's new projects, it's really quite bleak. Out of 118 projects, 100 currently have prices lower than when they were first listed, with the average valuation being cut in half and then cut in half again, down by 71%.

If you follow the old approach this year, jumping in before issuing coins and thinking about holding long-term, you're likely to be wasting your time. The market simply doesn't give space for this kind of play.

To put it bluntly, 2025 doesn't seem like a year for retail investors to make money; it feels more like a year for project teams and early institutions to queue up to exit and release liquidity. When we retail investors jump in, many times we're just picking up the chips they release.

In this kind of market, you either watch more and act less, or you have to speed up your pace and stop thinking about holding out for an explosion. The market environment has changed, and if your strategy doesn't adapt, it's really easy to get buried.